Analysis: Bitcoin holders have reached a peak in realized losses that is 19% higher than in the 2022 cycle. Selling pressure has eased, but demand has not recovered enough.

Deep Tide TechFlow message. On July 24, CryptoQuant analyst Axel Adler released a weekly report analysis stating that during the current bearish phase of the Bitcoin market, the holder realized losses have reached the highest-ever scale. The 30-day moving average (30DMA) peak of realized losses as of February 2026 hit $1.37 billion, which is 19% higher than the $1.15 billion peak from the 2022 cycle. Data shows that since the February peak, Bitcoin’s realized losses have declined by 56.5%, now down to about $597 million. Meanwhile, the realized profit scale has only slowly recovered to $257 million. Axel Adler noted that selling pressure driven by losses has clearly weakened, but the market has not yet shown a sustained demand recovery; the pace of decline in losses is still faster than the pace of profit recovery.

Axel Adler believes that profit-based selling pressure has fallen significantly. The amount of coins being sold at a profit remains at a relatively low level for this cycle, but this does not mean sellers have been completely exhausted, nor does it mean market demand has recovered. If realized profits continue rising to more than $400 million to $500 million, it would be more able to confirm that the market has entered sustained improvement.